The African Development Bank Group's Board of Directors has approved Egypt's Country Strategy Paper for the 2022-2026 period.
Under the new strategy, the Bank will be guided by the priorities of the country's National Development Plan-- also known as Egypt's Vision 2030-- and its Government Action Program 2023-2027. The goal is to support the country's efforts to build a competitive and resilient economy.
The new strategy builds on results and lessons from the preceding 2015-2021 strategy paper, which helped develop the country's infrastructure and improve the business environment, fostering sustainable and inclusive growth.
The new strategy sets out two priority areas: strengthening Egypt's competitiveness to support strong private sector-led growth and job creation. The second focuses on building resilience to achieve food and water security and energy efficiency. The Bank's support will target industry, transport, water and energy sectors.
Egyptian Minister of International Cooperation Dr.Rania A. Al-Mashat welcomed the new Country Strategy Paper, which she said resulted from extensive consultations with stakeholders and relevant entities.
"Our new strategy with the Bank centers around enhancing private sector engagement to increase job opportunities and supporting inclusive and sustainable growth through food and water security and energy efficiency; all consistent with our national priorities," said Minister Al-Mashat.
She added: "With a total portfolio of over $6.74 billion, including $1.1 billion dedicated to the private sector, the African Development Bank has been one of Egypt's key partners since 1974. Our long-standing partnership is reflected in a diverse portfolio, covering the development of different priority sectors."
Like many other countries, Egypt has been impacted by the Covid-19 pandemic and the war in Ukraine.
"The Egyptian economy showed resilience due to a timely and prudent policy response to the Covid-19 crisis, thanks to the government and the central bank's interventions," said Mohamed El Azizi, African Development Bank Director General for North Africa.
"We also commend the Egyptian authorities for the rapid measures taken to mitigate the economic effects of the Russia-Ukraine conflict. We'd continue supporting Egypt to embark on a more resilient and sustainable development path," he said.
Egypt adopted an ambitious reform program in 2016 to restore macroeconomic balance. The country is committed to implementing structural reforms that will help improve the quality of life of its citizens.
The Bank is also supporting the country's efforts to address climate change, an issue of global concern ahead of the 2022 UN Climate Change Conference (COP27), which Egypt is set to host in November. The Bank is backing environmental and social initiatives to enhance climate adaptation and mitigation, and to support the private sector to play a greater role in creating green jobs and developing renewable opportunities.
Under its Climate Change and Green Growth strategic framework, which was launched during COP26 in Glasgow, the Bank also seeks to bolster Egypt's access to global climate and environment-related funds.
Contact:
Fahd Belbachir | Communication and External Relations Department | African Development Bank | email: f.belbachir@afdb.org
